Happy_gal,

What is the package given to you by this financial planner? Do you have a breakdown as this would enable us to study and comment with better understanding of the facts. I represent GE as well and from what I gather here the issue isn't much about the company GE but rather the approach used by the agent/planner in closing the case which is either innocent misrepresentation or intended misleading. Of course you may want to transfer the policy across to another agent if you're truly dissatisfied with the service of this person.

The thing with ILP is that, it gives the agent plenty of flexibility to plan for you based on your requirements, budget and risk factor.

Cheers,

HH

i will hav to download the illustration that she said she have sent me..

dun worry i will post it up here tomorrow when i've read it tonite..

---

Added on August 19, 2010, 3:32 pmi am going to cancel the GE policy because i hated dealing with her..

u know i initially said i want to pay yearly mah .. i didnt know that the blardy medical report is going to take so long.. she did inform me that she will need to get the reports from the doctor.. fine.. should it even extend to more then 1 month in getting that simple report from the doctors???!!!

then suddenly payment came bt then still i havent sign the confirmed policy (which says which items are excluded for me) reason being is because the doctors havent give the medical report yet.. therefore underwriters cannot do the underwriting therefore the policy havent come out yet.. WTF!!...

then i was so freaking angry why it took more then 1 month to get the simple report.. so out of curiosity and anger, i called my friend.. she helped me ask her agent..

her agent say WHY THAT LADY didnt advice me to pay monthly 1st.. if lets say i dont want the policy then at least i jz need to pay that 1 month oni which is oni at rm358 instead of paying rm4300 without knowing exctly what they exclude me...
of course i angry lor cause i didnt know earlier mah...


This post has been edited by happy_gal: Aug 19 2010, 03:32 PM

Anyone know which insurance company got offer stand alone Critical Illness plan?

So far I know are from :

1) HLA (exclusively offer for HLB customer as the telemarketer claimed)

2) MSIG (not all 36 CI, just few that most common - bancassurance by Standard chartered).
- Premium annually and it's consider cheap.

This post has been edited by almeizer: Aug 19 2010, 04:30 PM

Your agent/planner should have followed up on the medical report required for the case to be inforced. This is part of her role too. A normal medical report shouldn't take up to a month. About the payment, you should have held it back first especially since there's a waiting period for the reports etc.

---

Added on August 19, 2010, 7:03 pmAlmeizer,

You can add GE to your list as well.

This post has been edited by HHalphaomega: Aug 19 2010, 07:03 PM

i'd say in general it's easier if we can accept that insurance *should* be what is called burnt money. its not an investment - why bother trying to make it look like one at a price? but that's just me and not a majority view in malaysia (but the standard view in europe, northern america and probably australia too). anyways i'd like to take a look in the standlone CIs from HLA, MSIG and GE - could you guys post a link for me?

thanks!

I have posted the link for MSIG, just click on the word of my above post or here

http://www.standardchartered.com.my/person...n/en/index.html

For HLA, I do not have any link cause it was their telemarketer called me and offer but I didn't accept.

HHalphaomega, I would like to know from GE as well. Any link or GE agent can get me quotation?

can anyone suggest where to start looking for a standalone H&S and CI for my wife.

age:41, non-smoker, budget is flexible abt RM2k p.a. Thanks.

Some hospitals needs at least 3 weeks to 6 weeks to get the report and this depends on which hospital.

Your premium is virtually deducted from your credit card or cash at the moment, but if u reject the policy, you'll get back all ur premium minus whatever medical fees (report). It really doesnt matter monthly or yearly payment because if you are not happy with it, all premiums will be refunded.

thanks for the link almeizer - i overlooked that. sadly its only for SC customers. will add it to my list anyway to compare their premiums.

This is what she have quoted me..

It says The investment strategy that i have selected is 7 my choiced investor profile, investment horizon is 74 years..

This post has been edited by happy_gal: Aug 19 2010, 10:47 PM

You can call directly to GE customer service and check for your proposal status. And if you want to cancel, you can do so rather than waiting. You can ask the customer service about refund of the premium. If no medical check-up has been made and GE have not paid for the cost of medical report, you should get 100% refund.

The delay of the medical report is due to the doctor has not fill in the report yet. The agent should always follow up to speed up the process. Private hospital usually take about 1-2 weeks, the government hospital usually take up to 4 weeks.

---

Added on August 19, 2010, 10:51 pm100% agree with you. Just make sure the burnt money is burning for a correct place and purpose.

This post has been edited by ajau: Aug 19 2010, 10:51 PM

Happy_gal,

From my observation, the main cause of the premium being spiked upwards is the inclusion of the lady care riders & I'm wondering as to why she has included both instead of choosing just one. You can run this by your friend's agent as well for cross checking.

Leaving out benefit U58 would reduce this to about RM3750.00 and if you leave out the U59 as well then this would become very affordable probably close to RM2000.00. Of course this would mean you're not going to covered with the benefits of this rider so this something you need to think about as well in terms of risk. You can check on the quotation provided for these benefits. Riders being riders can be added on or removed from the main policy.

Hopefully this info aids you.

Cheers,

HH

PJusa, I dont think it's for SC customer only. I'm not their customer but I have subscribed and just got their email.

Btw found another from OCBC but not much info.

http://www.ocbc.com.my/personal-banking/In...cid=M2_C2_S1_P3

This post has been edited by almeizer: Aug 19 2010, 11:59 PM

happy_gal,

i think HHalphaomega is spot on. you should seriously think about wether you need an insurance structured in this way. if i were you i'd think about what i really need first. please consider that health insurance should really not be an investment. it's a protection system. if you can accept that fact and hope you will not get your money back due to good health then you could consider using a general insurance H&S plan with a cover way higher than 100k for far less. of course premiums will increase over time as well. then you can think about taking life insurance + CI (or just life or even just CI - it all depends). an all-in-one product also means you'll be stuck with this product in case something happens to your health and you cant insure yourself elsewhere or when you cant afford your premium anymore for whatever reason. which is why i would always insure my health seperately.

almeizer,
thanks for the info. will check with them. i am not sure if the premium is attractive yet cause i dont have a CI insurance so i need to check my documents for a price reference.

If we buy separate product and your health condition is changed, can we still get insured from other company? There might be an exclusion or loading on this.

Regardless all in one or separate, you can still top-up with a new policy if the current is not enough coverage.

I'm not against traditional or general insurance product, but one good thing about investment-link is you can add/remove rider without a need to buy a new policy. There is also disadvantage of investment-link where the cash value is totally depend on the fund price. I just want to clarify. I'm not into any argument or whatsoever.

Everybody has their own preferences and believe. The bottom line, it is always good have a protection.

Consider at my age 27 with annual premium of RM53 and covered for RM70k for few common CI. I guess it's cheap. That's about RM4.4 per month. The plan look like too good to be true with it's premium and coverage, anyway will be getting my policy soon. Will review it and feed back later.



Uni Asia Life got plan with fix premium for any range of age for Life+CI plan. But I guess for this plan, the money is burn instead with cash value.

May consider if anyone want to top up more for Life+CI.

http://www.uniasialife.com.my/uniasia_life...plus/index.html



Uni Asia also have stand alone medical card. I can't compare with other as I don't have much info. Maybe PJusa can help on this

http://www.uniasialife.com.my/uniasia_life...ical/index.html

This post has been edited by almeizer: Aug 20 2010, 10:34 AM

ajau,

sorry - i should not be posting at odd times. if your health conditions change it will be equally hard to get a new insurance be it from life or general insurance to cover you. i was trying to say with an expensive whole-life insurance you will be stuck to this insurance if your health goes south. you just cant switch away from it and you will have to bear the premiums or you'll loose your health insurance since noone else would take you. another point to consider is that usually the cover is not too high with life (i.e. normally 100-200k annually with a max of around 1M claims per lifetime). a general insurance product is cheaper as standalone in terms of average premiums and can provide (normally) at least as good a cover. so if your health goes south and for whatever reason you would not longer be able to pay the premiums for the whole-life you still cant cancel it. but with a seperate H&S you can ditch the unneeded insurances and still maintain the H&S plan. of course some riders might take care of this but then again not for all cases (i.e. loss of job or whatnot) and this is why i personally feel safer with a standalone H&S plan.

and on a sidenote: i totally appreciate you reading my comment so carefully - thanks for pointing out the mistake in my statement

---

Added on August 20, 2010, 11:08 amthe MSIG plan for just 5 CI is interesting. it's uncomparable but the selection does make sense. i'd be curious about the list of exclusions and the broadness of the definition cancer. update us if you get the policy wordings.

This post has been edited by PJusa: Aug 20 2010, 11:08 AM

I see your point. And it is true for whole life insurance.

But with investment link, you can reduce the premium by removing the unneeded/un-affordable rider, however you still stuck with a minimum premium. For Prudential the minimum is RM 100 per month.

The investment link usually cheaper than whole life insurance. However there is a risk that you may need to top-up your premium if your cash value in your fund is not enough to pay for insurance charges.

What PJusa recommend and did also a good suggestion. You customize your own insurance need rather than let the agent do it for you. If your get a good agent, you are lucky. If you found a greedy agent, sorry to say, your pocket will be empty.

Regarding no coverage when you are jobless, there is a good news for a lady. PRUlady does have retrenchment benefit, where you will be paid 3% from sum assured. Follow this link to download the broucher. Hopefully the 3% can help.


This post has been edited by ajau: Aug 20 2010, 11:52 AM

Something I'm curious about:

If I apply for two medical cards (one main card, one deductible) from two different companies within 1-2 weeks of each other, will it send alarm bells ringing in the insurance companies?

How carefully do insurance companies scrutinise the proposal forms before approving it?

resident,

dont think so. it just means you protect your health properly. since there is no double claiming for H&S policies it's not like you can make more money. you are just creating a larger coverage which is less likely to happen than a small damage.

i hope that the insurances are looking through the applications with due diligence. but in reality i am afraid they will often just check what you declare and try to exclude to minimise their risk. only further clarification helps. also bear in mind: anything you keep from them is basically rendering the contract null and void. so it's in your interest to disclose as much and as detailed as possible to avoid problems in the future.